Coinbase Global (NASDAQ:COIN) Trading Up 6% Following Analyst Upgrade

Coinbase Global, Inc. (NASDAQ:COIN)’s share price rose 6% during trading on Friday after Barclays raised their price target on the stock from $175.00 to $204.00. Barclays currently has an equal weight rating on the stock. Coinbase Global traded as high as $190.80 and last traded at $190.06. Approximately 4,624,445 shares changed hands during trading, a decline of 56% from the average daily volume of 10,402,267 shares. The stock had previously closed at $179.25.

A number of other brokerages have also recently issued reports on COIN. Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday. Compass Point dropped their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. JMP Securities restated a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Wednesday, October 9th. HC Wainwright reiterated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a report on Tuesday. Finally, Needham & Company LLC boosted their target price on Coinbase Global from $260.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $246.28.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the transaction, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the transaction, the director now directly owns 7,771 shares in the company, valued at $1,588,703.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,687 shares of company stock worth $14,908,594. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC grew its stake in shares of Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after acquiring an additional 1,540 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Coinbase Global during the 2nd quarter valued at about $2,908,000. Intech Investment Management LLC raised its stake in shares of Coinbase Global by 454.3% during the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after buying an additional 33,240 shares during the period. QRG Capital Management Inc. grew its position in shares of Coinbase Global by 130.5% in the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after purchasing an additional 5,493 shares during the period. Finally, Blue Trust Inc. lifted its position in shares of Coinbase Global by 122.2% in the third quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock valued at $1,337,000 after acquiring an additional 4,127 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 5.2 %

The company has a market cap of $46.84 billion, a PE ratio of 32.43 and a beta of 3.35. The business has a fifty day simple moving average of $181.56 and a two-hundred day simple moving average of $209.01. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 15.38%. Coinbase Global’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.42) EPS. As a group, equities research analysts predict that Coinbase Global, Inc. will post 4.11 earnings per share for the current year.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.